Magical Thinking Supply Side Conservative Claptrap
In an article in the Washington Post, Neel Kashkari, TARP Guru, wants to toss social security, citing retired people as having a 'me-first' attitude. Paradoxically, he added, "a 'me first' mentality usually makes markets more efficient." Remember Neel Kashkari? He's was in charge of of the delivering $700 billion of taxpayers money to the Banksters during the banking crisis. He wasn't around in the last great Republican Depression when the elderly were dying of of hunger and hypothermia, but it's clear that his "me-first" attitude includes saving the the wealth of the wealthy while the middle class..can just eat dog food. Here's the bottom line. Kashkari believes in the magical thinking supply side conservative claptrap that Wall Stree will care more about your retirement than the career guys at the Social Security office. This is the Wall Street that pays its executives hundreds of billions of dollars in bonuses - that would be deducted from your retirement, of course - versus the guys with the green eyeshades who work for a civil service salary and a good pension and have never, ever missed making a Social Security payment. Even though in its current condition, Social Security will be totally solid for at least 34 years, and lifting the cap on payments into the fund by millionaires and billionaires would make it profitable forever, the real reason why Friends Of Wall Street like Need Kashkari want us to abandon Social Security is because then the trillions of dollars that Social Security right now very safely and conservatively manages by mostly investing it in Treasuries would be shifted over to Wall Street where Kashkari's banker and trader buddies could skim billions off of our retirement funds in fees and commissions. There are big bucks at stake here, and Wall Streets wants to do to our retirements what the big Insurance monopoloies have already done to our health care. Total corporate control, and hundreds of millions in salaries for their CEOs and top executives.
What he said ^^ Thank you kyslim for the conversational ammo.
I have been around plumbing a lot in my life and there is only one thing that trickles down, and it definitely ain't green!
I would like to know what inflationary impact of having the masses invest in stocks will have on those stock prices and who is most likely to gain from it. I remember thinking Japan's stock market was grossly overvalued ~20-30 years ago and how everyone in Japan was a "good saver" and invested in it. I think today's market is overvalued and will only get worse with trillions of dollars pouring in. Of course if you are already heavily invested, and clever, you will benefit handsomely.
Trickle Down economics doesn't even make common sense. If you inject money at the top what incentive does the beneficiary of those funds have to create business activity? He already has the money, why risk it on any enterprise where the object is to get that investment back?
The opposite strategy, inject the funds at the bottom however practically guarantees economic activity as we have to spend those funds immediately on the basic necessities of living like food, shelter, transportation etc.
I find that calling it "Trickle Down" was one of the worst marketing moves or a confirmation of arrogance toward the working class as it brings to mind a slow stream of yellow.......